Polygon price analysis reveals that the cryptocurrency has been following a bearish trend displaying further opportunities for bearish activities, with the price of MATIC/USD moving under the $0.81 mark. On August 26, 2022, the cost of Polygon experienced a flash crash and reached $0.80.
The market dynamic appears to be strongly bearish. The Polygon has been down 2.86% in the last 24 hours, with a trading volume of $305,195,283. Polygon currently ranks #14 with a live market cap of $6,821,016,616.
MATIC/USD 4-hour price analysis: Latest developments
Polygon price analysis reveals the market’s volatility illustrates significant decreasing characteristics. The price of MATIC/USD that is subject to change will change as the volatility fluctuates to either extreme; before that, the cost of Polygon will remain stable and around the respective support and resistance values. As of now, the Polygon price appears to be less prone to volatile change. As a result, Bollinger’s band’s upper limit is at $0.83, which serves as the strongest resistance for Polygon. Conversely, the lower limit of Bollinger’s band is available at $0.80, which represents the strongest support for Polygon.
The MATIC/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish trend. Nevertheless, the Polygon price seems to move downward, making the cryptocurrency track a decreasing movement regarding its trading price. As a result, the price is set to break the support and reverse the market.
Polygon price analysis reveals that the Relative Strength Index (RSI) is 44, indicating that the cryptocurrency falls in the central neural category, not showing signs of devaluation or overvaluation. Furthermore, the RSI path appears to be following a decreasing direction indicating that the price of Polygon is experiencing a decreasing value. The RSI score decreases because of the dominance of selling activity.
Polygon price analysis for 1-day
Polygon price analysis reveals the market’s volatility following an increasing trend, meaning that the price of MATIC/USD will follow the volatility into becoming more prone to experience volatile change. Furthermore, the upper limit of Bollinger’s band is available at $1.02, which serves as the strongest resistance for Polygon. Conversely, the lower limit of Bollinger’s band is present at $0.7, which serves as a support point for Polygon.
The MATIC/USD price appears to be crossing under the curve of the Moving Average, signifying bearish momentum. Bears control the market for now and are likely to maintain control as the odds stack in their favor; however, the market shows further bearish potential as the price moves downwards towards the support band and might break it soon causing a breakout in the market.
The Relative Strength Index (RSI) is 44, indicating that the cryptocurrency is stable and falls in the central neutral region. The RSI path appears to follow downward, indicating a declining market and movement towards further declining dynamics. The RSI score decreases as the selling activities exceed the buying activities.
Polygon Price Analysis Conclusion
Polygon price analysis has deduced that the bears control the market with the massive opportunity for further bearish activity. Although the market appears to show potential for a reversal, we can’t be sure if it will happen. However, the breakout could be a silver lining for the Polygon cryptocurrency, as their market is engulfed in bearish dominion. The bulls could be the new victors of the market in the near future. However, currently, the bears hold the reins.
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Source: https://www.cryptopolitan.com/polygon-price-analysis-2022-08-26/